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Analysis
Apple results set to impress amid record high US stock market
Apple (AAPL) reports Q419 earnings in Wednesday’s after-hours market. With US stocks at all-time highs, Apple sits valued at a lofty 19.2x forward earnings. The tech giant beat expectations in 8/8 prior quarters, averaging a 4.7% share price gain the day after reporting. The implied move for this forecast session is 4.1%.
"Apple Inc daily chart"
Analysts are expecting revenue of $62,96b, against $62.9b last year. Q4 iPhone shipments are eyed at 45m and demand for wearables holds strong.
Looking further ahead, guidance into Q1 2020 is strong: $86.43b revenue and $4.41 earnings per share (EPS). Services results (including the new Apple TV+, launching 1 November 2019) are expected to impress.
With a solid track record, low short interest, and impressive Q1 2020 expectations, how much higher can Apple track? Considering record-high US stock pricing, it might take a considerable beat to move the needle on earnings estimates this time. But as we’ve seen time and time again, if any company can do this, it’s Apple.
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